Euler Motors, an OEM focused on commercial electric vehicles, has now secured its Series A funding round at $9.5 million with additional investments of $2.6 million secured from the new investor ADB Ventures – the venture investing arm of the Asian Development Bank and existing investor Blume Ventures.
This also marks the first investment by ADB Ventures in an EV Company across the globe.
“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is a testimony to our execution so far against our defined vision and the quality of our innovation,” said Saurav Kumar, Founder and CEO, Euler Motors.
“Blume Ventures have been a continuous source of support to us in the Series A round. Their renewed investment is incredibly valuable and gives us confidence that we are on the right path and reaffirms our belief that indigenous innovation from India will fast-forward the market transition to electric mobility both in India and across the world,” he added.
This funding round follows a capital investment of $4 million backed by its existing investors – Jetty Ventures and Inventus Capital, revealed earlier this month. With this, Euler Motors has secured a total of $11.6 million since its foundation in 2018.
Investors include the Udaan Co-founder Sujeet Kumar, Blume Ventures, Inventus Capital, US-based Emergent Ventures, Jetty Ventures, ADB Ventures, K Ganesh from the Growth Story, Andrew Lee, and Srinivas Anumolu.
On its first investment in an EV company in India, Daniel Hersson, Senior Fund Manager, ADB Ventures, said, “Euler Motors has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It’s a great example of a company that has the right tech and business model in the right place and time.”
Arpit Agrawal, Director, Blume Ventures said, “Over the last two years of our association with Euler Motors, we have found comfort in the rock-solid focus of Saurav and team in building world-class products and executing the operations-heavy lease part of the business in a highly reliable and scalable manner. We are confident that the company will continue to grow and will establish India as a global hub for electric vehicles manufacturing in the times to come”.
The new funds will be used for Euler Motors upcoming launch of its three-wheeler cargo vehicle this year and support the expansion in India to cities like Ahmedabad, Bangalore, Pune, and Kolkata, apart from the Delhi NCR.